Is It Secure To Buy Term Insurance Plans Online?

Jun 15, 2018 | 1 year ago | Read Time: 2 minutes | By iKnowledge Team

Is it secure to purchase term plan online? The answer is yes. It is secure so long as you take some precautionary measures when you carry out a transaction. Most transactions have moved online as buyers prefer the online mode. It is convenient and faster than offline transactions. But, how do you ensure that the transactions you make online are secure? Read on to find out:

1. Use credit cards

As compared to a debit card, a credit card is more secure as it offers fraud and liability protection. Using credit cards to make online purchases offers the measure of disputing the transaction at a later stage, in the event the card has been misused. However, you would need to read the terms and conditions of your credit card agreement to know the limitations of the protection it offers.

2. Be careful with what you divulge

There is greater transparency to online transactions. If you are using the right portals for payment, your details are less likely to be compromised. However, you must be judicious with the information you share on social sites. Personal and sensitive information on social websites could compromise your transactions.

If you absolutely must enter your birth date on sites, leave out the year. If your information is already out there, make sure you aren’t using your date of birth for any passwords. Try not to use the same username and password on every site you use. Use passwords with upper and lower case combinations and change them regularly.

3. Maintain Records

Maintain records of your transaction to prove that you have paid for the policy. This can be in the form of account statements or PDF receipts. Keep a screenshot of the transaction as a precautionary measure. If you find any discrepancy in the transaction, report it to your bank immediately.

4. Secure your devices

Use secure devices and personal Wi-Fi for online purchases. Avoid public hotspots. When you carry out transactions from a public network, you make yourself susceptible to data theft. You must also make sure your devices are password protected at all times. Do not let your devices keep a record of any of your passwords or usernames. Check the legitimacy of an app before you download it to carry out any transactions. Make use of OTPs to carry out transactions on your devices.

5. Use verified sites

Purchase policies from verified sites only to avoid data and identity theft. Ensure you take precautionary measures while buying online policies such as verifying the legitimacy of the site. It is important to check the website’s security certificate (SSL) in order to proceed with the transaction.

To sum up

Buying a term insurance policy online is almost the same as paying your utility bills online. Taking necessary precautions will ensure that online transactions like buying an online insurance policy is a breeze.

Advt. no.: IA/May 2018/4037

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